Spanish bank Abanca is capitalizing all its bankruptcy debt in fishing giant Nueva Pescanova and taking a 97 percent stake in the company.

Nueva Pescanova Group approved the debt capitalization of €542.2 million ($658.7 million) at an extraordinary general meeting on Feb. 23.

“The meeting held today is the starting point for overcoming the bad financial situation that Nueva Pescanova has been in since its establishment in 2015, burdened by a bankruptcy debt inherited from the old Pescanova that, despite having been reduced, still amounted to more than €600 million ($728.9